HIstory of finance

Getting more and more interested in finance and the history of it. Especially when I took Schiller s class last summer, he brought the financial market book with him once to a vacation.  He is so mesmerized by it that he read the 800 page book by the pool side. Siegel book is a classic. really enjoy it,  so far two chap into it.

poverty and prosperity

Watched the PBS series on Poverty.  It is a strange flim that almost equate minority to proverty which disturbed me.  Often a lot of wishful thinking people blam the proverty on circumstantce, it can be natural disaster, poor land, colonism, etc.  But the answer is easy and hard: change the culture.  Feed a person enough food so he is no long hungry, if he still work hard to prepare for the future, he will be rich.  If he just play, lay back, scatch his ball, he will be poor. It that simple.

In this case, no matter how much the government do, how much we donate, poor will be poor if they don't change within.  Rich will be rich even if they become poor temporarily. 

The poor don't want to work too hard, but accuse the game is not fair.  

"The easier way for the poor to become rich to allow them the change to earn their out of proverty."  How true!

One reason it is best to share bad news in person

Few people will remeber that you said or did, but they WILL remember how you make them FEEL. 

Paraphrased from

"I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel."

                                                                            Maya Angelou

Never ending of learning to teach

Grad student presentations notes and comments

Reviewing grad student presentation on external client supported projects.  Students put in significant efforts but the result can be improved.

- client did not come, which showed either they are either not engaged, not supportive or not happy with the project
- students presentation is not rehearsed.  1. time is not controlled, 2. demo, which is the crucial part of the presentation, is often chaotic
- presentation skills are fine overall, slides are well organized.  Many students still use "like" "uhm", "you know"...

- Most projects focus narrowly to the clients instructional media design, instead of the broad process.  We should train the student as designer, similar to an architect, not a construction worker.

- A general issue is the communication and commitment of the client, we should have a signed agreements with them and education the clients on the design process.

Most project adopt a non-personal approach, training oriented training.  How to inspire?

Faculty are very committed to the projects they advise, but during student presentation, faculty should let the student facing the challenges themselves, instead of injecting during student presentation.

40 Direct Reports

I enjoyed meeting and discussing with faculty, staff, teaching assistants.  Most, well probably all, of them are positive, responsive, dedicated.  But the number of my direct report has become overwhelming. Seven staff at School, four program directors, over 30 faculty members, three at the Institute,  another 10 or so on various projects.  Not sure it is the most effective way to run the operation.  Need to redesign.

Retire? Never! It is the next movement of the grand symphony

What surprised me most during my summer trip is that several of mine college buddies have retired.  Some of them made millions, some just enough for basic expenses.

The poem that was never written because some one knock on the door.  --  it is sometime the most difficult part of life, the interruption that cost the possibility.

So I am reading the book as suppliment to what color is your parachute, it mentioned  a few ideas that worth noting.

- People are most attracted to fifty+ people if they still have energy and passion. 

- The year between 50 and 75 can be the crowing peroid - people don't have to worry about earning and kids rearing, they can just focus being fulfilled and achievement.

- they enjoy music, write book, take interesting classes, meet new friends, travel to far-away places

Paper work in government

Paper work to process workload with the Cal State is tremendous.  The extreme case is that if there one day additional consultant work, it will take three emails, 30 minutes of filling forms, three physical signatures and copies to get myself or someone paid US$300. For a long term project, it might be OK, but I am finding out in the summer, I spend three to four hours a week just to process these papers.  I guess that is why EDP, with their mediocre HR systems, is making so much money.  I can log in every two weeks and approve 25 employees timesheet and 5 overtime pay, it only take me 10 min.  That is still 10 min of work that I don't enjoy, but it is efficient.

Low spirit can start a vicious cycle

Overall, there are not that much to complain. Health is fine. Family are healthy. Finance secure. Eat well and sleep fine. Yesterday's project management class went especially well.  At the end of the class, lead by the energetic student Eddie, I got an standing ovation.

Today, a gloomy Sunday, Ying's family with new kids from JiangYin visited and D. Chen visited in the afternoon. Both are pleasant.  But I am depressed a bit. Because the recruitment is facing challenges and certification are forced to move to Monterey against my recommendation.

Dealing with challenges is never a problem for me, I am invigorated by it.  But a challenge that I can't do much about frustrates me.  Since I can't do much, I should not worry, just like the seven habits book states, only worry about things within your circle of influence.  But I can't help but feel depressed.

The road less traveled

I took the road that is well tried,

Scattered with deserted amour,

And smells of sweat, tear and blood galore,

I shall be telling this with a sigh,

For I was foretold to be one of them,

Yet I step further, 

And that made all the difference.

Happiness is nowhere,
But a direction that I can dash toward, full-speed,
Without contemplating other roads,

"I shall be telling this with a sigh

Somewhere ages and ages hence:

Two roads diverged in a wood, and I—

I took the one less traveled by,

And that has made all the difference." - Frost

Institute for Innovation 2012-2013 annual report - message from the director

Message from the Director Dr. Eric Tao

For annual report 2012-2013

Innovation is the lifeblood of a region’s economic growth.  Throughout the United States, from the White House to the campus of California State University Monterey Bay, innovation, together with entrepreneurship, is touted as the utmost important strategy in business and education.

Leverage with local talents and U.S. government supports, the Institute for Innovation and Economic Development at Cal State University Monterey Bay has been providing programs and activities to support innovative research, foster cutting edge business projects, and support students and entrepreneurs alike in their creative quest for business opportunities. iiED also looks within the university and local research institutions to cultivate projects that assist students, investors, and entrepreneurs in successful internships, resources, and project development to develop new businesses jobs in the region.

With the support of many generous individuals, companies and the university over the last year, iiED has offered several entrepreneurship and technology workshops and competitions, a speaker series on entrepreneurship, salon conversations of innovative ideas, and provided technical assistance to new business ideas.  

We collaborate closely with the Monterey Bay Business Council, CSUMB’s Small Business Development Center and the College of Business, the Central Coast Small Business Development Center, Business Entrepreneurship Center, Youth Entrepreneurship Program, Salinas Valley Chamber of Commerce and the Steinbeck Innovation Foundation. Many local business professionals, community leaders, and CSUMB faculty and administration also provided invaluable support to us. These programs helped foster new local businesses and trained students from CSUMB, Hartnell College, Naval Post Graduate School, Monterey Institute of International Studies, Monterey Peninsula College, University California at Santa Cruz, and Cabrillo College

With Ms. MaryJo Zenk leading the operations and faculty associate Dr. Brad Barbeau designing the entrepreneurship activities, iiED plans to enhance these activities and add additional programs such as investor-entrepreneur-innovator meetups, a youth technology camp, student start-ups, innovation awards and new entrepreneur training in the coming year.

I am very proud of what we have accomplished during 2012-2013 year, and excited to see where we will go in the future. Your support and participation is most important part of the iiED’s success.  I hope to see you soon at the Institute and at many of the iiED events.  

Eric Tao, Ph.D

Director of Institute for Innovation and Economic Development